Saule Omarova, President Biden’s controversial pick to be comptroller of the currency, withdrew her nomination for the post on Tuesday amid both Republican and Democratic backlash over her academic writings, which include advocating for the end of banking “as we know it.”
During her confirmation hearing in the Senate Banking Committee last month, lawmakers pointed to the Soviet born and raised Omarova’s academic papers proposing a shift away from consumer banking, by moving Americans’ finances from private banks to the Federal Reserve.
“My concern with Professor Omarova is her long history of promoting ideas that she herself describes as ‘radical,” Sen. Pat Toomey (R-Pa.) said of the Cornell University law professor during the hearing.
“I agree that they are radical. But I’d also describe them as socialist.”